Osisko Produces 92,003 Ounces Au in Second Quarter

MONTREAL — Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is pursuing exploration on a number of properties, including the Hammond Reef Gold Project in Northern Ontario.

The company is pleased to report that its second quarter gold production totaled a record 92,003 ounces from its flagship Canadian Malartic Mine. Year to date, Canadian Malartic has produced a total of 183,181 ounces of gold.

New mill throughput record

Despite the setback caused by the May fire, the mill processed at an average rate of 35,564 tonnes per calendar day during the period, a 9.1% increase over the average mill throughput in the first quarter. The mill processed a record 51,090 tonnes on June 30, 2012.

Gold Sales

During the second quarter, the Company sold 95,675 ounces at an average price of US $1,605 (CAD $1,627), compared to an average market price of US $1,609 (CAD $1626). During the first semester, the Company sold 188,075 ounces at an average realized price of US $1,651 (CAD $1,662), compared to an average market price of US $1,651 (CAD $1,661).

Sean Roosen, President and Chief Executive Officer, commenting on the second quarter operating preview: “We are very pleased with the efforts of our operating team which has delivered a solid performance, particularly considering the challenges resulting from the mine fire in May and the ramp-up issues with the first cone crusher installation. We continue to see improvement in production at Canadian Malartic, and recoveries remain higher than anticipated in the feasibility study, averaging 89.2% over the past quarter. Installation of the second XL2000 crusher will be completed in the coming weeks, and we expect the full secondary crusher to be operational before the end of the month. This key event should allow us to see significant increases in throughput, gold production, and reduced costs per ounce produced.”

Second Quarter Operating Highlights

• Record quarterly gold production of 92,003 ounces
• Record monthly mill throughput of 39,331 tonnes per calendar day in June
• Record one day processing of 51,090 tonnes achieved on June 30^th
• Secondary crusher installation on schedule
• Grade milled in second quarter averaged 0.99 g/t Au
• Recoveries continue to be higher than feasibility modeling at 89.2 percent

Conference Call

The Company expects to release its second quarter financial results after the close of business on August 9, 2012. Osisko will host a conference call on Friday, August 10th at 8:00am EDT, where senior management will discuss the financial results and provide an update of the Company’s activities. Those interested in participating in the conference call should dial in at 416-981-9012 (Toronto local and international), or 1-800-909-4792 (North American toll free). An operator will direct participants to the call.

About Osisko Mining Corporation

Mr. Luc Lessard, Eng., Senior Vice-President and COO of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

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Posted by WoodlawnPost on Jul 6 2012. Filed under N. America. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.